Mayor Lou Rosamilia announces a development team for 1 Monument Square in Troy. (Skip Dickstein/Times Union)

Mayor Lou Rosamilia announces a development team for 1 Monument...

Gregory Burns, president of Kirchhoff Consigli, outlines the involvement of his company in the Monument Square development Monday morning Feb. 3, 2014, during a press conference in Troy, N.Y. (Skip Dickstein / Times Union)

Gregory Burns, president of Kirchhoff Consigli, outlines the...

Mayor Lou Rosamilia announces the partnership between the City of Troy and Kirchhoff Consigli on the Monument Square development Monday morning Feb. 3, 2014, during a press conference in Troy, N.Y. (Skip Dickstein / Times Union)

Mayor Lou Rosamilia announced Monday that 50-plus luxury apartments, a year-round home for the Troy Waterfront Farmers Market and a 175-space parking garage will be built at the 2.1-acre site on the Hudson River.

"That's just what we need as a catalyst to the growth and renaissance of Troy," Clement said.

The project, led by Kirchhoff Companies, Sequence3 Development and CSArch, is the city's third attempt to redevelop the location in the heart of the city's downtown.

The first two efforts didn't proceed when questions arose about the financing of the proposals. The latest comes with the city assured that the partnership has access to the money needed to erect the two buildings.

"One Monument Square presents to the city of Troy and the entire Capital Region an opportunity that rarely exists along the Hudson River, a location that links the water directly to a vibrant downtown," Rosamilia said in a statement.

City Council President Rodney Wiltshire said he was impressed with the project, which will add to the city's tax base.

There will be pedestrian access from River Street down to the southern end of Riverfront Park and the riverside.

The project will proceed in two phases. The northern building standing five stories and encompassing 100,000 square feet will go first. The southern building of 50,000 to 100,000 square feet will rise after that.

The first floor of the north building will be home to the Troy Waterfront Farmers Market.

Seth Jacobs, president of the markets board, said the organization will study similar waterside operations to develop the project.

The market has several large producers who are interested in having a downtown location where they can sell on a daily basis, he said.

The second building may be the site of a future city hall. That will be decided at a later date. It also could be mixed-use including a restaurant.